A North Jersey developer plans to expand again in Delaware County. Greek Real Estate Partners will build an 81,000-square-foot industrial facility in Ridley Township. The site sits at 130 S. Fairview Road, near I-95 and I-476, and only seven miles from Philadelphia International Airport.

The East Brunswick-based firm secured a $12.3 million construction loan from Provident Bank. The project is speculative, and the building has not been pre-leased. Additionally, the planned space could support warehousing, distribution, manufacturing, or cold storage. The developer expects completion in the second quarter of 2026.

Greek Real Estate Partners acquired the property for $1 from 130 S. Fairview Road LLC, according to county records. Four months earlier, an entity tied to Everest Medical Group sold the site to the LLC for $7.6 million. As a result, the parcel saw two rapid transfers before the new development began.

Meanwhile, the regional industrial market is shifting. Vacancies climbed toward 10% after a surge of new supply. Rates had dropped near 2% during the peak of the pandemic-driven e-commerce boom.

*Article courtesy of Philadelphia Business Journal

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